Elevated Capital Advisors LLC Sells 689 Shares of Fifth Third Bancorp (NASDAQ:FITB)

Elevated Capital Advisors LLC lowered its holdings in shares of Fifth Third Bancorp (NASDAQ:FITB) by 3.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 19,744 shares of the financial services provider’s stock after selling 689 shares during the period. Elevated Capital Advisors LLC’s holdings in Fifth Third Bancorp were worth $846,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of FITB. Gateway Investment Advisers LLC raised its stake in Fifth Third Bancorp by 2.5% during the first quarter. Gateway Investment Advisers LLC now owns 135,669 shares of the financial services provider’s stock worth $5,048,000 after buying an additional 3,271 shares during the last quarter. Mcdonald Partners LLC bought a new position in Fifth Third Bancorp during the first quarter worth $213,000. St. Johns Investment Management Company LLC raised its stake in Fifth Third Bancorp by 8.9% during the first quarter. St. Johns Investment Management Company LLC now owns 22,132 shares of the financial services provider’s stock worth $824,000 after buying an additional 1,814 shares during the last quarter. Signet Financial Management LLC raised its stake in Fifth Third Bancorp by 2.8% during the first quarter. Signet Financial Management LLC now owns 74,054 shares of the financial services provider’s stock worth $2,756,000 after buying an additional 2,025 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in Fifth Third Bancorp by 1.4% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 142,826 shares of the financial services provider’s stock worth $5,315,000 after buying an additional 1,940 shares during the last quarter. Institutional investors own 83.79% of the company’s stock.

Insider Activity at Fifth Third Bancorp

In related news, EVP Jude Schramm sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $42.00, for a total transaction of $840,000.00. Following the sale, the executive vice president now directly owns 114,422 shares in the company, valued at approximately $4,805,724. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 0.50% of the stock is currently owned by corporate insiders.

Fifth Third Bancorp Trading Up 0.7 %

Shares of FITB stock opened at $43.66 on Wednesday. Fifth Third Bancorp has a 52-week low of $22.49 and a 52-week high of $45.71. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.81 and a current ratio of 0.81. The company has a 50-day simple moving average of $42.32 and a two-hundred day simple moving average of $39.24. The company has a market capitalization of $29.87 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.94 and a beta of 1.22.

Fifth Third Bancorp (NASDAQ:FITB) last released its earnings results on Friday, October 18th. The financial services provider reported $0.78 earnings per share for the quarter, missing analysts’ consensus estimates of $0.83 by ($0.05). Fifth Third Bancorp had a net margin of 17.41% and a return on equity of 15.79%. The company had revenue of $2.19 billion for the quarter, compared to the consensus estimate of $2.16 billion. During the same period in the prior year, the company earned $0.92 earnings per share. The firm’s revenue was up 1.2% on a year-over-year basis. Research analysts anticipate that Fifth Third Bancorp will post 3.31 EPS for the current fiscal year.

Fifth Third Bancorp Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $0.37 per share. This is a boost from Fifth Third Bancorp’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date was Monday, September 30th. Fifth Third Bancorp’s dividend payout ratio is presently 46.98%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FITB. Barclays lifted their target price on shares of Fifth Third Bancorp from $43.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday. Morgan Stanley lifted their price target on shares of Fifth Third Bancorp from $47.00 to $51.00 and gave the company an “equal weight” rating in a research note on Monday, September 30th. Royal Bank of Canada upped their price objective on shares of Fifth Third Bancorp from $38.00 to $43.00 and gave the company an “outperform” rating in a report on Monday, July 22nd. StockNews.com upgraded shares of Fifth Third Bancorp from a “sell” rating to a “hold” rating in a report on Monday. Finally, Bank of America upped their price objective on shares of Fifth Third Bancorp from $42.00 to $45.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.28.

About Fifth Third Bancorp

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.